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XEU.TO vs. HXQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEU.TO vs. HXQ.TO

Last updated Jun 13, 2026

XEU.TO (iShares MSCI Europe IMI Index ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, XEU.TO returned 10.87%/yr vs 22.27%/yr for HXQ.TO. At a 0.49 correlation, their price movements are largely independent. XEU.TO charges 0.28%/yr vs 0.25%/yr for HXQ.TO.

Performance

XEU.TO vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (XEU.TO) and Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XEU.TO achieves a 9.50% return, which is significantly lower than HXQ.TO's 19.67% return. Over the past 10 years, XEU.TO has underperformed HXQ.TO with an annualized return of 10.87%, while HXQ.TO has yielded a comparatively higher 22.27% annualized return.

XEU.TO

1D
0.56%
1M
4.42%
YTD
9.50%
6M
11.49%
1Y
20.26%
3Y*
18.05%
5Y*
11.14%
10Y*
10.87%

HXQ.TO

1D
0.78%
1M
3.00%
YTD
19.67%
6M
19.59%
1Y
39.46%
3Y*
28.29%
5Y*
19.92%
10Y*
22.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEU.TO vs. HXQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEU.TO
iShares MSCI Europe IMI Index ETF		9.50%29.40%9.34%17.38%-10.49%16.36%3.16%18.30%-8.11%18.47%
HXQ.TO
Horizons NASDAQ-100 Index ETF		19.67%15.05%35.98%51.16%-27.84%26.20%45.58%32.26%6.71%23.12%

Correlation

The correlation between XEU.TO and HXQ.TO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.50

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2016

0.49

The correlation between XEU.TO and HXQ.TO has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

XEU.TO vs. HXQ.TO - Sectors Allocation Comparison

Sectors
XEU.TO
HXQ.TO

Financial Services

22.5%
0.3%

Industrials

15.6%
3.1%

Healthcare

10.5%
4.4%

Technology

8.4%
55.9%

Consumer Defensive

8.0%
4.4%

Consumer Cyclical

6.5%
13.2%

Basic Materials

5.3%
1.0%

Energy

4.0%
0.5%

Utilities

3.5%
1.4%

Communication Services

3.3%
15.8%

Real Estate

1.4%
0.2%

Financial Services

XEU.TO
22.5%
HXQ.TO
0.3%

Industrials

XEU.TO
15.6%
HXQ.TO
3.1%

Healthcare

XEU.TO
10.5%
HXQ.TO
4.4%

Technology

XEU.TO
8.4%
HXQ.TO
55.9%

Consumer Defensive

XEU.TO
8.0%
HXQ.TO
4.4%

Consumer Cyclical

XEU.TO
6.5%
HXQ.TO
13.2%

Basic Materials

XEU.TO
5.3%
HXQ.TO
1.0%

Energy

XEU.TO
4.0%
HXQ.TO
0.5%

Utilities

XEU.TO
3.5%
HXQ.TO
1.4%

Communication Services

XEU.TO
3.3%
HXQ.TO
15.8%

Real Estate

XEU.TO
1.4%
HXQ.TO
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Europe IMI Index ETF

Horizons NASDAQ-100 Index ETF

Often compared with XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO
Often compared with HXQ.TO:
HXQ.TO vs. QQC.TOHXQ.TO vs. XQQ.TOHXQ.TO vs. VFV.TOHXQ.TO vs. QQQHXQ.TO vs. HXS.TOHXQ.TO vs. ZNQ.TOHXQ.TO vs. QQC-F.TO

Return for Risk

XEU.TO vs. HXQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEU.TO
XEU.TO Risk / Return Rank: 4444
Overall Rank
XEU.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 4545
Martin Ratio Rank
HXQ.TO
HXQ.TO Risk / Return Rank: 7777
Overall Rank
HXQ.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
HXQ.TO Omega Ratio Rank: 8282
Omega Ratio Rank
HXQ.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
HXQ.TO Martin Ratio Rank: 6464
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XEU.TO vs. HXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (XEU.TO) and Horizons NASDAQ-100 Index ETF (HXQ.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

XEU.TOHXQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.38
2.37

-0.99

Sortino ratioReturn per unit of downside risk
2.00
3.07

-1.07

Omega ratioGain probability vs. loss probability

1.25

1.42

-0.17

Calmar ratioReturn relative to maximum drawdown

1.70

3.19

-1.49

Martin ratioReturn relative to average drawdown

6.57

10.12

-3.54

XEU.TO vs. HXQ.TO - Sharpe Ratio Comparison

The current XEU.TO Sharpe Ratio is 1.38, which is lower than the HXQ.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of XEU.TO and HXQ.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XEU.TO vs. HXQ.TO - Drawdown Comparison

The maximum XEU.TO drawdown since its inception was -32.02%, roughly equal to the maximum HXQ.TO drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for XEU.TO and HXQ.TO.

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Drawdown Indicators

XEU.TOHXQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.02%

-31.60%

-0.42%

Max Drawdown (1Y)

Largest decline over 1 year

-11.94%

-12.43%

+0.49%

Max Drawdown (3Y)

Largest decline over 3 years

-14.62%

-22.58%

+7.96%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-31.60%

+4.64%

Max Drawdown (10Y)

Largest decline over 10 years

-32.02%

-31.60%

-0.42%

Current Drawdown

Current decline from peak

0.00%

-2.58%

+2.58%

Average Drawdown

Average peak-to-trough decline

-5.45%

-5.74%

+0.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.10%

3.91%

-0.81%

Volatility

XEU.TO vs. HXQ.TO - Volatility Comparison

The current volatility for iShares MSCI Europe IMI Index ETF (XEU.TO) is 5.29%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 7.27%. This indicates that XEU.TO experiences smaller price fluctuations and is considered to be less risky than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEU.TOHXQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

7.27%

-1.98%

Volatility (6M)

Calculated over the trailing 6-month period

12.40%

13.32%

-0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

14.72%

16.70%

-1.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.80%

20.92%

-6.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

20.92%

-4.83%

XEU.TO vs. HXQ.TO - Expense Ratio Comparison

XEU.TO has a 0.28% expense ratio, which is higher than HXQ.TO's 0.25% expense ratio.

Dividends

XEU.TO vs. HXQ.TO - Dividend Comparison

XEU.TO's dividend yield for the trailing twelve months is around 2.25%, while HXQ.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HXQ.TO
Horizons NASDAQ-100 Index ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEU.TO
iShares MSCI Europe IMI Index ETF		2.25%2.47%2.68%2.96%3.02%2.42%1.98%3.56%3.28%2.26%2.91%2.33%

Frequently Asked Questions

XEU.TO and HXQ.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HXQ.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.28% for XEU.TO.

XEU.TO is categorized as Europe Equities, while HXQ.TO is Nasdaq-100. XEU.TO tracks Morningstar Eur GR CAD, while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and Horizons. Their fees differ too: 0.28% for XEU.TO and 0.25% for HXQ.TO.

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